updated 01:50 pm EST, Sat February 15, 2014

Company is responsible for screens in current iPhones

Japan Display, the company currently responsible for manufacturing some of the screens for Apple's iPhone 5c and 5s, are readying an IPO offering to raise $4 billion in capital to expand production capacity and aid in development of future technologies. The company, formed of the display units from Hitachi, Sony and Toshiba and Japanese government backing, currently holds a 17 percent share of small and medium-sized displays in the world market.

The Wall Street Journal reports that the Japanese government holds 70 percent of Japan Display, with the three tech companies holding less than ten percent each. The IPO would be the largest offering in Asia this year, and the largest since the $8.5 billion offering for Japan Airlines in 2012. During the first three quarters of this fiscal year ending in December, the company had 483 billion yen in revenue (approximately $5 billion), with Apple making up 32 percent of the orders.

The company plans to offer 158 million new shares for the IPO, that could bring in around $1.7 billion. The remaining amount would come from current shareholders releasing their stake in the company, to bring the total IPO up to the $4 billion mark.